Seleccione otro país
Bienvenido a Lyxor EspañaWelcome
Por favor, lea la información importante aquí incluida antes de continuar a nuestra página web

Información relevante 

Los Lyxor ETFs presentados en la página web de lyxoretf.com, pueden ser objeto de restricciones en lo que respecta a la inversión por determinadas personas o en determinados países, en virtud de las distintas regulaciones nacionales aplicables a dichas personas o en dichos países. Cualquier persona que acceda a esta página web desde una jurisdicción en la cual se aplican dichas restricciones tiene que informarse al respecto y observar dichas restricciones. Por consiguiente, le corresponde a usted asegurarse de que, efectivamente está autorizado a invertir en los Lyxor ETFs presentados en esta página web. Invirtiendo en estos productos, usted garantiza a Société Générale que está efectivamente autorizado a invertir. Inversores españoles se deben dirigir a www.lyxoretf.es

La información contenida en esta página web no constituye una oferta o invitación para adquirir o vender los productos aquí descritos a personas sometidas a  jurisdicciones donde:

(a) dicha oferta o invitación no esté autorizada;
(b) Lyxor Asset Management no esté cualificada para hacer dicha oferta o invitación;
(c)  sea ilícito hacer dicha oferta o invitación.

Los ETFs referidos en esta página web no han estado y no estarán registrados conforme al U.S Securities Act de1933, por lo tanto, no pueden ser ofertados ni vendidos en los EE.UU sin registro previo o solo en caso de excepción de registro conforme al  al Securities Act. Por consiguiente, los ETFs listados en esta página web no pueden ser vendidos a “U.S persons”, ni transferidos a los Estados Unidos a menos que dicha transacción esté sujeta a los requisitos de registro conforme a la ley Americana.

Esta página web es de carácter comercial y no de carácter legal. No se garantiza la exactitud, exhaustividad o pertinencia de la información aunque ha sido establecida a partir de fuentes consideradas como fiables.
La información presentada en esta página web se basa en información de mercado constada en un momento dado que puede variar con posterioridad a su publicación. El valor de reembolso de los Lyxor ETFs puede ser inferior al montante de la inversión inicial. En el peor de los casos, los inversores podrían perder hasta la totalidad de su inversión, por lo que se recomienda a los inversores consultar la sección« factores de riesgo » del folleto del producto. El precio de algunos Lyxor ETFs puede ser sensible a riesgos de tipo de cambio entre la cotización del ETF y/o la divisa del índice y/o la divisa del componente del índice.

Todos los LyxorETFs presentados en esta página web han sido aprobados por la “Autorité des Marchés Financiers (AMF)” y son objeto de un folleto aprobado por la AMF y pasaporteado en la CNMV conforme a la Directiva 2003/71/CE. Dichos folletos están disponibles en esta página Web.

La documentación relativa a los Lyxor ETFs preverá métodos de ajuste y de sustitución para tener en cuenta que consecuencias tendría cualquier suceso extraordinario que afecte a uno o varios de los subyacentes de estos productos.

Antes de invertir en un Lyxor ETF, usted debe hacer su propia valoración del riesgo desde un punto de vista legal, fiscal y  contable, sin depender exclusivamente de la información que le proporcionamos y consultando, si lo estima necesario, sus propios asesores en la materia o cualquier otro asesor independiente.

El inversor de ETFs estará expuesto a los siguientes factores de riesgo: Riesgo de pérdida del capital invertido, al no existir ninguna garantía, como consecuencia de un movimiento desfavorable del Índice de Referencia, Riesgo de que el objetivo de gestión solo se cumpla parcialmente, Riesgo de contrapartida como resultado de la utilización de los instrumentos financieros (OTC) formalizados con un establecimiento de crédito. Se recomienda a los inversores que consulten la sección del folleto antes de invertir.

En la medida en que cumpla con la legislación aplicable, ninguna entidad del Grupo Société Générale acepta responsabilidad alguna por las consecuencias financieras o de cualquier otra naturaleza que resulten de la inversión en este producto.

22 feb 2021


Invest in the urban recovery with Smart Cities 

The dramatic changes wrought by Covid-19 have upset basic assumptions about how cities work. And even though some urban changes were triggered by the pandemic, other major shifts – like remote work and digital commerce – were already growing well before it all began.

We believe that cities, the urban centres that drive so much economic growth, are undergoing a radical change. These changes will have long-lasting implications for the global economy and the performance of our investments.

We know our cities are already being reshaped by substantial forces: the global push to tackle climate change is making cities more sustainable and energy-efficient, while our increased reliance on data and connectivity means they are also becoming more digital.

Cities are hotbeds of innovation, and as they adapt to the new challenges, they will become smarter. Investing in the urban recovery could start to ‘future-proof’ your portfolio, combining the best of the utilities and industrials sectors, with an added growth tilt from the new technologies that will make it all happen. 

Related content: what are Smart Cities?

Smart Cities: best of both worlds

smart cities

Chart source: Lyxor International Asset Management, as at 12/02/2021.

Learn more about the index holdings and performance

A prime example: commercial real estate

Real estate booms when cities grow. But the pandemic has radically altered how we work, live, and play in cities. These changes explain how different sectors have performed in the past year: technology has boomed, while commercial real estate took a beating. Across markets, property equities fell by c.15-18 percent (in sterling terms) between February 2020 and today1.


real estate

Chart source: FTSE Russell, FTSE EPRA Nareit Global Real Estate Index Series, as at 11/02/2021. Past performance is not a reliable indicator of future returns.

Maybe that isn’t very surprising. When the pandemic hit, offices were suddenly shunned in favour of remote work. Yet productivity remains high, and it’s now estimated more than 20 percent of the workforce can perform work remotely– three to four times as many employees compared with pre-pandemic levels2.

Potential share

Chart source: McKinsey, https://www.mckinsey.com/featured-insights/future-of-work/whats-next-for-remote-work-an-analysis-of-2000-tasks-800-jobs-and-nine-countries

With leases expiring and companies eager to slash property costs, the future of commercial real estate – both offices and retail spaces surrounding them – remains uncertain.

How we use these urban assets will change. “The future of urban, commercial real estate might not be quite as dire as expected,” says Lukas Neckermann, a Smart Cities strategist. “It might just look different than expected.”3

Cities were already changing to become smarter, more digital and sustainable, even before the pandemic. The big shifts, like working from home, look increasingly likely to become permanent. Urban real estate use is radically changing, creating new winners and losers.

Add these factors together, and we can see major investment opportunities in the urban recovery. A  new horizon has opened up for industrial and technology companies that help businesses adapt operations or physical spaces to the new ways of working. Here are two examples:

Shift #1: More companies turn to cloud security 

Almost 70% of organisations using cloud services today plan to increase their cloud spending in the wake of the disruption caused by Covid-194. And a recent survey shows information security has been the top priority for companies’ IT spending in 20215.

With digital security moving away from on-premise, appliance-based firewalls, some security companies stand to gain disproportionally: Fortinet, Palo Alto Networks and Checkpoint are three technology-security companies whose offerings heavily lean towards cloud networking.

Fortinet’s revenue growth, for example, saw little negative impact from Covid-19, as it recently reported a 22% y-o-y sales jump6; Similarly, Palo Alto reported 23% annual sales growth7.

Shift #2: A wave of refurbishment 

The Elevator and Escalator (E&E) industry is attractive to investors, since it delivers the upside of the construction sector during boom times (through companies’ new equipment segment), while shielding from downturns (providing steady income through the maintenance and modernisation business).

To attract leasers, but also due to likely new health regulations, commercial properties are set for considerable refurbishment activity. Lifts are already being altered to adjust full load (which ensures less crowding in lifts) and include touch-free operations.

Leading players in the E&E market like Otis Worldwide may reap the rewards. Otis is the largest among E&E companies, and its business is led by the equipment-servicing segment. Its recently-reported full-year earnings-per-share not only beat the October forecast – but also the pre-Covid outlook8. Other E&E players, like Kone and Schindler Electric, could also stand to gain.

Investing in Smart Cities with a Lyxor ETF

A range of concepts, products and services pull together to shape the future of sustainable Smart Cities, including smart connectivity (IoT), smart buildings, smart homes, smart safety and security, smart mobility, smart waste and water management, and smart energy and grids.

Diversification is key to capturing the full value of companies shaping the future of urban living. The six companies above are among over 130 stocks held by the Lyxor Smart Cities ETF, as at February 2021.

Our Smart Cities ETF follows a novel approach, mixing rules-based indexing, artificial intelligence techniques and human insight to effectively capture the theme:

  • Seed words related to Smart Cities are chosen by our index partner MSCI and a thematic industry expert*
  • A final list of key words is generated using Natural Language Processing, a branch of AI
  • Company public records and filings are scanned for matching key words based on business descriptions
  • Eligible stocks are scored for relevance as measured by revenue attributable to the theme (25% minimum)
  • Further size, liquidity and ESG filters are applied, with a final selection of equally-weighted stocks re-weighted by fundamental scores (1-year sales growth, Return on Invested Capital, and % sales spent on R&D and Capex)

The result is a diversified fund, avoiding the common trap of concentrated-investing in a few, well-known, large-cap stocks. In fact, approximately half of our Smart Cities ETF is invested in small and mid-caps (by market capitalisation), providing investors with access to growth potential.

msci smart

Chart source: Bloomberg, Lyxor International Asset Management. Data as at 31/12/2020. Past performance is not a reliable indicator of future performance.

Our cities will recover from the Covid-19 crisis. As before, they’ll continue to attract people to work, to live, and to play. And throughout their recovery, new pockets of value are certain to emerge.

Target TER for these Thematic ETFs is 0.45% but has temporarily been decreased to 0.15% until September 2021.

*MSCI may seek input from outside market experts on the ongoing evolution of the theme underlying the index, and relevant seed words. However, such input is advisory only in nature. Use of any such input is at MSCI’s discretion, and may or may not lead to a change to the index or index methodology.

https://www.ftserussell.com/products/indices/epra-nareit

https://www.mckinsey.com/featured-insights/future-of-work/whats-next-for-remote-work-an-analysis-of-2000-tasks-800-jobs-and-nine-countries

https://www.linkedin.com/posts/lukasneckermann_business-needs-a-tighter-strategy-for-remote-activity-6708392001978552324-t2MV

https://www.gartner.com/en/newsroom/press-releases/2020-11-17-gartner-forecasts-worldwide-public-cloud-end-user-spending-to-grow-18-percent-in-2021

5 https://www.information-age.com/gartner-cio-agenda-2021-spending-cyber-security-most-projected-123492611/

6 https://investor.fortinet.com/index.php/news-releases/news-release-details/fortinet-reports-fourth-quarter-and-full-year-2020-financial

7 https://investors.paloaltonetworks.com/investor-relations/news-releases/news-release-details/2020/Palo-Alto-Networks-Reports-Fiscal-First-Quarter-2021-Financial-Results/

8 https://seekingalpha.com/article/4402517-otis-worldwide-corporations-otis-ceo-judy-marks-on-q4-2020-results-earnings-call-transcript

This article is for informative purposes only, and should not be taken as investment advice. Lyxor ETF does not in any way endorse or promote the companies mentioned in this article. Capital at risk. Please read our Risk Warning below.


Risk Warning

This document is for the exclusive use of investors acting on their own account and categorised either as “Eligible Counterparties” or “Professional Clients” within the meaning of Markets in Financial Instruments Directive 2014/65/EU. These products comply with the UCITS Directive (2009/65/EC). Société Générale and Lyxor International Asset Management (LIAM) recommend that investors read carefully the “investment risks” section of the product’s documentation (prospectus and KIID). The prospectus and KIID are available free of charge on www.lyxoretf.com, and upon request to client-services-etf@lyxor.com.

Except for the United-Kingdom, where this communication is issued in the UK by Lyxor Asset Management UK LLP, which is authorized and regulated by the Financial Conduct Authority in the UK under Registration Number 435658, this communication is issued by Lyxor International Asset Management (LIAM), a French management company authorized by the Autorité des marchés financiers and placed under the regulations of the UCITS (2014/91/EU) and AIFM (2011/61/EU) Directives. Société Générale is a French credit institution (bank) authorised by the Autorité de contrôle prudentiel et de résolution (the French Prudential Control Authority).

The products mentioned are the object of market-making contracts, the purpose of which is to ensure the liquidity of the products on the London Stock Exchange, assuming normal market conditions and normally functioning computer systems. Units of a specific UCITS ETF managed by an asset manager and purchased on the secondary market cannot usually be sold directly back to the asset manager itself. Investors must buy and sell units on a secondary market with the assistance of an intermediary (e.g. a stockbroker) and may incur fees for doing so. In addition, investors may pay more than the current net asset value when buying units and may receive less than the current net asset value when selling them. Updated composition of the product’s investment portfolio is available on www.lyxoretf.com. In addition, the indicative net asset value is published on the Reuters and Bloomberg pages of the product, and might also be mentioned on the websites of the stock exchanges where the product is listed.

Prior to investing in the product, investors should seek independent financial, tax, accounting and legal advice. It is each investor’s responsibility to ascertain that it is authorised to subscribe, or invest into this product. This document is of a commercial nature and not of a regulatory nature. This material is of a commercial nature and not a regulatory nature. This document does not constitute an offer, or an invitation to make an offer, from Société Générale, Lyxor Asset Management (together with its affiliates, Lyxor AM) or any of their respective subsidiaries to purchase or sell the product referred to herein.

Research disclaimer

Lyxor International Asset Management (“LIAM”) or its employees may have or maintain business relationships with companies covered in its research reports. As a result, investors should be aware that LIAM and its employees may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Please see appendix at the end of this report for the analyst(s) certification(s), important disclosures and disclaimers. Alternatively, visit our global research disclosure website www.lyxoretf.com/compliance.

Conflicts of interest

This research contains the views, opinions and recommendations of Lyxor International Asset Management (“LIAM”) Cross Asset and ETF research analysts and/or strategists. To the extent that this research contains trade ideas based on macro views of economic market conditions or relative value, it may differ from the fundamental Cross Asset and ETF Research opinions and recommendations contained in Cross Asset and ETF Research sector or company research reports and from the views and opinions of other departments of LIAM and its affiliates. Lyxor Cross Asset and ETF research analysts and/or strategists routinely consult with LIAM sales and portfolio management personnel regarding market information including, but not limited to, pricing, spread levels and trading activity of ETFs tracking equity, fixed income and commodity indices. Trading desks may trade, or have traded, as principal on the basis of the research analyst(s) views and reports. Lyxor has mandatory research policies and procedures that are reasonably designed to (i) ensure that purported facts in research reports are based on reliable information and (ii) to prevent improper selective or tiered dissemination of research reports. In addition, research analysts receive compensation based, in part, on the quality and accuracy of their analysis, client feedback, competitive factors and LIAM’s total revenues including revenues from management fees and investment advisory fees and distribution fees.

Connect with us on linkedin